A Schedule of Pay

A schedule of pay is a simple table that lists the starting, mid-point, and upper range of the rates of pay for persons or positions in the company. In medium sized companies, the jobs are divided into groups; in small companies the jobs may be listed by person.

Benefits of Keeping a Schedule of Pay

Having a schedule of rates of pay in a company is valuable for a number of reasons:

It provides you with guidance on how rates of pay compare for different jobs, dependent on the levels of education and experience, and the responsibilities of the positions.

It serves as a record of the rates of pay in the company.

It provides you with an estimate of when rates of pay should increase dependent on the length of service or performance of the individual in the position.